NBP ready to support government in building nuclear power plants in Poland

Rafał Guz/PAP

Poland’s central bank NBP is ready to support the government in developing nuclear energy in the country, NBP’s governor has written.

"If necessary, the NBP will support the government in the process of financing the development of nuclear power in Poland by using its tools and acting in accordance with the mandate," Adam Glapinski wrote in an article for the Wszystko Co Najwazniejsze website.

According to Glapinski, limiting the role of coal in Poland’s energy mix would require building "a stable energy source" and this could only be achieved with nuclear power plants (NPP).

He admitted that investments in the nuclear energy sector in Poland would pose a serious financial challenge. "The government plans to significantly increase financial means for the energy transition via the Just Transition Fund and supported by revenues from fees for CO2 emission allowances. Support from foreign investors also seems possible," he continued.

The law on the NBP states that the basic goal of the central bank is to maintain stable prices while supporting the government's economic policy, provided that this does not limit the basic goal of the central bank.

In 2020, for the first time in Poland’s modern history, coal accounted for only 65 percent of total electricity generation.

The Polish programme on nuclear energy (PPEJ) foresees building up to 9 GW of NPP in Poland with the first reactor expected in 2033. The cost of the programme is estimated at PLN 140 billion (EUR 30.4 billion) with Poland covering around half of it. The other half is expected to be covered by a potential foreign investor.